REGULATION · UK
FCA issues fraud warnings on clones of authorized wealth and payments firms
The Financial Conduct Authority published alerts on PSP-Claimback (clone of an FCA-authorized payments firm) and selfie-wealth.com (posing as a previously authorized wealth platform). Both are unregulated scams mimicking regulated entities to solicit customer funds.
WHY IT MATTERS
Rising clone fraud targeting BFSI consumers signals need for stronger digital identity verification and customer onboarding controls; regulators increasingly treating spoofing as systemic risk.